Meats Futures Prices
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Lean hog futures ended the week with a 7.72% loss in the May contract, and 22.5 to 60 cents lower in most contracts The CME Lean Hog Index for 4/19 was down another 30 cents to $61.59. The USDA pork carcass value was up 88 cents in the afternoon FOB Plant report, with an average of $75.47. National cash hog base prices averaged 47 cents lower in the afternoon report, with a weighted average of $53.41 and a range reported from $50.00-$54.50. The WCB region was 31 cents lower, with IA/MN a penny higher. FI hog slaughter was estimated at 2,287,000 head, about 54,000 higher than the same week in 2016. The Cold Storage report will be released today at 2:00 p.m. CDT.
Live cattle futures were higher in most contracts on Friday. Nearby April finished the week $4.425 higher as it chased cash. The contract expires this Friday. Feeder Cattle futures were mixed on the day with April up 65 cents and May 50 cent lower. The CME feeder cattle index was at $138.05 on 4/20, up 40 from the previous day. Wholesale beef prices were higher on Friday. Choice boxes averaged $217.16, up $1.44, with Select gaining 32 cents with an average price of $203.89. The COT report had managed money continuing to add to their net long position in live cattle futures and options, by another 8,161 contracts. Estimated weekly cattle slaughter was 595,000 head. That would be up 5,000 from last week and 10,000 head from the same week last year. The USDA COF report showed April cattle on feed 0.47% higher than April 2016, at 10.904 million head. March placements were 11.1% above the previous March (well above estimates), with marketings 9.56% ahead of March 2016. The USDA Cold Storage report will be out this afternoon